SEATTLE, Feb. 13, 2018 /PRNewswire/ -- CTI BioPharma
Corp. ("CTI BioPharma") (NASDAQ: CTIC) today announced the closing
of its previously announced underwritten public offering of
20,000,000 shares of its common stock, at a public offering price
of $3.00 per share of common stock.
In addition, the underwriters exercised in full their option to
purchase 3,000,000 additional shares of common stock at the public
offering price, less the underwriting discount.
The expected proceeds to CTI BioPharma from the offering are
approximately $64.2 million, after
deducting underwriting discounts and commissions and other
estimated offering expenses payable by CTI BioPharma. CTI BioPharma
plans to use the net proceeds of the offering to complete the
PAC203 clinical trial, complete the review of the pacritinib MAA by
the EMA, conduct additional research concerning the possible
application of pacritinib in indications outside of myelofibrosis,
and complete the PIX306 clinical trial, as well as for general
corporate purposes, which may include funding research and
development, conducting preclinical and clinical trials, acquiring
or in-licensing potential new pipeline candidates, preparing and
filing possible new drug applications and general working capital.
Leerink Partners acted as sole book-running manager for the
offering. JMP Securities acted as senior lead manager,
and Needham & Company and Oppenheimer & Co.
acted as lead managers.
The securities described above were offered by CTI BioPharma
pursuant to a shelf registration statement on Form S-3 relating to
the common stock offered in the public offering described above,
which was filed with the Securities and Exchange
Commission (SEC) and declared effective by the SEC. The
offering was made only by means of a written prospectus that formed
a part of the registration statement. The final prospectus
supplement relating to the offering was filed with the SEC and is
available on the SEC's website located at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering may be obtained from Leerink
Partners LLC, Attention: Syndicate Department, One
Federal Street, 37th Floor, Boston, MA 02110, by
telephone at 800-808-7525, ext. 6132 or by email
at syndicate@leerink.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities being offered, nor
shall there be any sale of the securities being offered in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About CTI BioPharma Corp.
CTI BioPharma Corp. is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
CTI BioPharma has a late-stage development pipeline, including
pacritinib for the treatment of patients with myelofibrosis. CTI
BioPharma is headquartered in Seattle,
Washington.
Forward-Looking Statements
This press release includes forward-looking statements, which
are within the meaning of the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are
subject to a number of risks and uncertainties, the outcome of
which could materially and/or adversely affect actual future
results and the trading price of the CTI BioPharma's
securities. Such statements include, but are not limited to,
statements regarding CTI BioPharma's expectations with respect to
the completion, timing and size of the offering and use of the
expected net proceeds from the offering. The statements are based
on assumptions about many important factors and information
currently available to us to the extent we have thus far had an
opportunity to fully and carefully evaluate such information in
light of all surrounding facts, circumstances, recommendations and
analyses. Risks that contribute to the uncertain nature of the
forward-looking statements include, among others, risks associated
with market conditions and the satisfaction of customary closing
conditions related to the offering, the biopharmaceutical industry
in general and with CTI BioPharma and its product and product
candidate portfolio in particular including, among others, risks
associated with the following: that CTI BioPharma cannot predict or
guarantee the outcome of preclinical and clinical studies, the
potential failure of pacritinib to prove safe and effective as
determined by the FDA and/or the European Medicines
Agency, changes to study protocol or design or sample size to
address any patient safety, efficacy or other issues raised by
the FDA or otherwise, that clinical trial results
observed to date may differ from future results or that different
conclusions or considerations may qualify such results once
existing data has been more fully evaluated, that CTI BioPharma may
not obtain favorable determinations by other regulatory, patent and
administrative governmental authorities, that CTI
BioPharma may experience delays in the commencement of
preclinical and clinical studies, that the costs of
developing pacritinib and CTI BioPharma's other product
candidates may rise, other risks, including, without limitation,
competitive factors, technological developments, that CTI BioPharma
may not be able to sustain its current cost controls or further
reduce its operating expenses, that CTI BioPharma may not achieve
previously announced goals, contractual milestones and objectives
as or when projected, that CTI BioPharma's average net operating
burn rate may increase, that CTI BioPharma will continue to need to
raise capital to fund its operating expenses, but may not be able
to raise sufficient amounts to fund its continued operation as well
as other risks listed or described from time to time in CTI
BioPharma 's most recent filings with the SEC on Forms
10-K, 10-Q and 8-K. Except as required by law, CTI BioPharma does
not intend to update any of the statements in this press release
upon further developments.
CTI BioPharma Investor Contacts:
Tricia Truehart
+1 646 378 2953
ttruehart@troutgroup.com
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SOURCE CTI BioPharma Corp.